Bankruptcy Lawyers in Columbus, Georgia

Columbus Bankruptcies on the Rise

Georgia Tax Credit Disappears

The Governor has removed the Homestead Tax Relief Credit. The credit has been granted each year for the past ten years, but not this year. This is another example of how our leaders continue to struggle with severe budget crises throughout the country. U. S. bankruptcies filed in 2008 hit record levels with over 61,000 in Georgia alone. It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

Columbus Bankruptcy Legal Advice

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of a Columbus law firm with specific long-term experience in Columbus bankruptcy matters.  Check references, if possible.  A competent Columbus attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.

These Debts Will Generally Remain After Your Columbus Bankruptcy:

• Taxes owed to government agencies, such as the I.R.S., State, County, etc.
• Student loans (unless undue hardship can be proved),
• Debts incurred after the bankruptcy is filed
• Debts owed to a spouse for divorce-related obligatory expenses
• Debts not listed or scheduled or which the debtor waived discharge
• Debts for willful and malicious injury by the debtor to another person or property owned by another

Bankruptcy in Columbus – There May be Alternatives

Contact your creditors to try to work out payment arrangements that you can manage.  Contact the non-profit Consumer Credit Counseling service to get help with a manageable repayment plan.  Sell as many assets as you can and pay down your debt to a manageable level.  Debt consolidation may be considered, but approach this option with caution to make sure it actually helps your situation.

Take Care When Paying Debts Outside of Your Columbus Bankruptcy

Certain debt payments may be considered preferential and the Georgia Bankruptcy Trustee carries “avoidance power” to overturn certain transfers or obligations made by the debtor prior to or during bankruptcy. 

Examples include:

• Property transferred or paid during relevant time period before bankruptcy
• Something passed from the bankruptcy to a creditor
• Payment occurred at a time when the bankrupt consumer/business was insolvent
• One creditor is given advantage over another creditor
• Creditor suspected or should have suspected that the bankrupt consumer/business was insolvent

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Columbus, GA.

Final Notes on Your Columbus Bankruptcy

Columbus residents continue to suffer, as the State’s economy struggles to recover.  Decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  Although some filers elect to handle their bankruptcy on their own, The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”    Click here to find Columbus attorney resources in your area.